Name
As of 11/19/2024Price
Aum/Mkt Cap
YIELD
Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.
Exp Ratio
Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.
Watchlist
Vitals
YTD Return
5.8%
1 yr return
2.0%
3 Yr Avg Return
10.5%
5 Yr Avg Return
N/A
Net Assets
$45.7 M
Holdings in Top 10
31.8%
52 WEEK LOW AND HIGH
$20.8
$19.54
$22.16
Expenses
OPERATING FEES
Expense Ratio 0.43%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover 0.00%
Redemption Fee N/A
Min Investment
Standard (Taxable)
N/A
IRA
N/A
Fund Classification
Fund Type
Exchange Traded Fund
Name
As of 11/19/2024Price
Aum/Mkt Cap
YIELD
Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.
Exp Ratio
Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.
Watchlist
CCRV - Profile
Distributions
- YTD Total Return 5.8%
- 3 Yr Annualized Total Return 10.5%
- 5 Yr Annualized Total Return N/A
- Capital Gain Distribution Frequency N/A
- Net Income Ratio -0.28%
- Dividend Yield 6.9%
- Dividend Distribution Frequency None
Fund Details
-
Legal NameiShares Commodity Curve Carry Strategy ETF
-
Fund Family NameBlackRock-advised Funds
-
Inception DateSep 01, 2020
-
Shares Outstanding1400000
-
Share ClassN/A
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerRichard Mejzak
Fund Description
The Fund seeks to track the investment results of the ICE BofA Commodity Enhanced Carry Total Return Index (the “Underlying Index”), which measures the performance of the 10 commodity futures contracts representing the underlying commodities with the largest global production value, where more weight in the Underlying Index is given to those contracts having the highest degree of backwardation or lowest degree of contango (i.e., those with the highest “positive carry,” as explained below) among a universe of 22 futures contracts on physical agricultural,
energy, precious metals, and industrial metals commodities listed on U.S. and non-U.S. futures exchanges, as determined by ICE Data Services, LLC “IDI” or the “Index Provider”). The Underlying Index is rebalanced on a monthly basis and could contain more than 10 contracts during the rebalancing period. The Fund seeks to achieve its investment objective primarily by investing in a total return swap on the Underlying Index.
The Fund, through its Subsidiary (as defined below) will invest in financial instruments that provide exposure to commodities, and not in the physical commodities themselves. Although the Fund reserves the right to invest in a broad range of financial instruments, the Fund expects to obtain a substantial amount of its exposure to the investment results of the Underlying Index by entering into total return swaps that provide returns similar to the commodity futures contracts referenced in the Underlying Index.
In order to maintain exposure to a futures contract on a particular commodity, an investor must sell the position in the expiring contract and buy a new position in a contract with a later delivery month, which is referred to as “rolling.” If the price for the new futures contract is less than the price of the
expiring contract, then the market for the commodity is said to be in “backwardation.” In these markets, investors experience positive roll returns, which is referred to as “positive carry.” The term “contango” is used to describe a market in which the price for a new futures contract is more than the price of the expiring contract. In these markets, investors experience negative roll returns, which is referred to as “negative carry.” The Underlying Index seeks to employ a positive carry strategy that emphasizes commodities and futures contract months with the greatest degree of backwardation and lowest degree of contango, resulting in net gains through positive roll returns.
The Fund is expected to establish new total return swap contracts on the Underlying Index on an ongoing basis and replace expiring contracts. Total return swaps subsequently acquired by the Fund may have terms that differ from the swaps the Fund previously held. The Fund generally expects to pay a fixed payment rate and swap-related fees to each counterparty and receive the total return of the Underlying Index, including, in the event of negative performance by the Underlying Index, a negative return (i.e., a payment from the Fund to the swap counterparty). As of October 31, 2023, the Underlying Index was comprised of 12 components.
BFA uses an indexing approach to try to achieve the Fund’s investment objective. Unlike many investment companies, the Fund does not try to “beat” the index it tracks and does not seek temporary defensive positions when markets decline or appear overvalued.
Indexing may eliminate the chance that the Fund will substantially outperform
the Underlying Index but also may reduce some of the risks of active management, such as poor selection of securities and/or other instruments. Indexing seeks to achieve lower costs and better after-tax performance by aiming to keep portfolio turnover low in comparison to actively managed investment companies.
BFA uses a representative sampling indexing strategy to manage the Fund. “Representative sampling” is an indexing strategy that involves investing in a representative sample of securities and/or other instruments that collectively has an investment profile similar to that of an applicable underlying index. The securities and/or other instruments selected are expected to have, in the aggregate, investment characteristics (based on factors such as market value and industry weightings), fundamental characteristics (such as return variability, duration, maturity, credit ratings and yield) and liquidity measures similar to those of an applicable underlying index. The Fund may or may not hold all of the securities and/or other instruments in the Underlying Index.
The Fund also seeks to generate interest income and capital appreciation on the cash balances arising from its investment in Commodity Investments (as defined below) through a cash management strategy consisting primarily of investments in cash and cash equivalents, short-term government obligations, and short-term fixed-income securities (collectively, “Fixed-Income Investments”). The Fund invests in Fixed-Income Investments for investment purposes and to provide sufficient assets to account for (or “cover”) mark-to-market changes and to
collateralize the Subsidiary’s investments in derivatives on a day-to-day basis.
The Fund may also invest in swaps on commodity futures contracts that are not included in the Underlying Index but provide exposure to commodities from the same sectors as those found in the Underlying Index, as well as in futures, options and forwards that provide exposure to commodities from such sectors (collectively with total return swaps on the Underlying Index, the “Commodity Investments”). The Fund will invest in Commodity Investments solely through its Subsidiary. INVESTING IN DERIVATIVE CONTRACTS MAY HAVE A LEVERAGING EFFECT ON THE FUND BECAUSE OF THE LEVERAGE INHERENT IN THE USE OF DERIVATIVES.
The Fund seeks to gain exposure to Commodity Investments by investing through a wholly-owned subsidiary organized in the Cayman Islands (the “Subsidiary”). The Subsidiary is advised by BFA and has the same investment objective as the Fund. Unlike the Fund, the Subsidiary is not an investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The Subsidiary invests solely in Commodity Investments and cash and cash equivalents.
In compliance with Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), the Fund may invest up to 25% of its total assets in the Subsidiary. The Fund’s Commodity Investments held in the Subsidiary are intended to provide the Fund with exposure to broad commodities consistent with current U.S. federal income tax laws applicable to investment companies such as the
Fund, which limit the ability of investment companies to invest directly in Commodity Investments.
The remainder of the Fund’s assets will be invested directly by the Fund, primarily in Fixed-Income Investments, including repurchase agreements, money market instruments, U.S. government and agency securities, sovereign debt obligations on non-U.S. countries (excluding emerging market countries), commercial paper, non-convertible corporate debt securities, and obligations of U.S. and non-U.S. banks and similar institutions.
The CFTC has adopted certain requirements that subject the adviser of a registered investment company to regulation by the CFTC if such registered investment company invests more than a prescribed level of its net asset value in commodity interests, including futures, options and swaps, or if the registered investment company markets itself as providing investment exposure to such instruments. Due to the Fund’s potential use of commodity interests above the prescribed levels, it is considered a “commodity pool” under the Commodity Exchange Act (“CEA”).
The Underlying Index is sponsored by the Index Provider, which is independent of the Fund and BFA. The Index Provider determines the composition and relative weightings of the securities in the Underlying Index and publishes information regarding the market value of the Underlying Index.
CCRV - Performance
Return Ranking - Trailing
| Period | CCRV Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 5.8% | -31.6% | 31.1% | 32.03% |
| 1 Yr | 2.0% | -42.1% | 33.0% | 35.16% |
| 3 Yr | 10.5%* | -40.8% | 276.4% | 11.90% |
| 5 Yr | N/A* | -29.6% | 133.8% | 70.20% |
| 10 Yr | N/A* | -28.1% | 47.2% | 34.45% |
* Annualized
Return Ranking - Calendar
| Period | CCRV Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | -1.5% | -64.0% | 30.1% | 15.63% |
| 2022 | -10.8% | -40.8% | 2475.6% | 70.08% |
| 2021 | 5.7% | -23.3% | 106.7% | 53.97% |
| 2020 | N/A | -71.9% | 295.5% | N/A |
| 2019 | N/A | -31.8% | 53.9% | N/A |
Total Return Ranking - Trailing
| Period | CCRV Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 5.8% | -31.6% | 31.1% | 32.03% |
| 1 Yr | 2.0% | -42.1% | 33.0% | 35.16% |
| 3 Yr | 10.5%* | -40.8% | 276.4% | 11.90% |
| 5 Yr | N/A* | -29.6% | 133.8% | N/A |
| 10 Yr | N/A* | -28.1% | 47.2% | N/A |
* Annualized
Total Return Ranking - Calendar
| Period | CCRV Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 5.6% | -64.0% | 41.1% | 11.72% |
| 2022 | 19.4% | -15.1% | 5648.8% | 21.26% |
| 2021 | 34.0% | -23.3% | 188.1% | 24.60% |
| 2020 | N/A | -67.8% | 296.1% | N/A |
| 2019 | N/A | -31.8% | 53.9% | N/A |
CCRV - Holdings
Concentration Analysis
| CCRV | Category Low | Category High | CCRV % Rank | |
|---|---|---|---|---|
| Net Assets | 45.7 M | 2.34 M | 27.6 B | 80.89% |
| Number of Holdings | 118 | 1 | 1009 | 35.16% |
| Net Assets in Top 10 | 15.1 M | 2.66 M | 30.7 B | 92.97% |
| Weighting of Top 10 | 31.81% | 17.2% | 169.5% | 98.39% |
Top 10 Holdings
- BlackRock Cash Funds: Treasury, SL Agency Shares 14.64%
- U.S. Treasury Bills 3.65%
- U.S. Treasury Bills 2.63%
- U.S. Treasury Bills 2.62%
- U.S. Treasury Bills 2.09%
- U.S. Treasury Bills 1.57%
- Bell Telephone Co of Canada or Bell Canada/The 1.27%
- National Bank of Canada 1.15%
- Fiserv Inc 1.10%
- NextEra Energy Capital Holdings Inc 1.09%
Asset Allocation
| Weighting | Return Low | Return High | CCRV % Rank | |
|---|---|---|---|---|
| Cash | 81.66% | 0.00% | 101.92% | 17.46% |
| Bonds | 17.44% | 0.00% | 127.91% | 57.03% |
| Other | 0.90% | -7.17% | 100.19% | 51.59% |
| Stocks | 0.00% | 0.00% | 49.72% | 50.00% |
| Preferred Stocks | 0.00% | 0.00% | 0.08% | 25.40% |
| Convertible Bonds | 0.00% | 0.00% | 3.89% | 48.00% |
Bond Sector Breakdown
| Weighting | Return Low | Return High | CCRV % Rank | |
|---|---|---|---|---|
| Cash & Equivalents | 81.48% | 0.00% | 100.00% | 28.07% |
| Derivative | 0.90% | -7.17% | 100.19% | 16.67% |
| Securitized | 0.00% | 0.00% | 19.62% | 47.79% |
| Corporate | 0.00% | 0.00% | 42.72% | 55.75% |
| Municipal | 0.00% | 0.00% | 1.45% | 30.09% |
| Government | 0.00% | 0.00% | 100.00% | 92.04% |
Bond Geographic Breakdown
| Weighting | Return Low | Return High | CCRV % Rank | |
|---|---|---|---|---|
| US | 17.44% | 0.00% | 116.12% | 57.94% |
| Non US | 0.00% | 0.00% | 12.98% | 29.37% |
CCRV - Expenses
Operational Fees
| CCRV Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Expense Ratio | 0.43% | 0.21% | 5.23% | 94.00% |
| Management Fee | 0.40% | 0.00% | 1.75% | 11.46% |
| 12b-1 Fee | N/A | 0.00% | 1.00% | N/A |
| Administrative Fee | N/A | 0.05% | 0.45% | N/A |
Sales Fees
| CCRV Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Front Load | N/A | 4.50% | 5.75% | N/A |
| Deferred Load | N/A | 1.00% | 4.00% | N/A |
Trading Fees
| CCRV Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Max Redemption Fee | N/A | N/A | N/A | N/A |
Related Fees
Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.
| CCRV Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Turnover | 0.00% | 0.00% | 162.00% | 11.36% |
CCRV - Distributions
Dividend Yield Analysis
| CCRV | Category Low | Category High | CCRV % Rank | |
|---|---|---|---|---|
| Dividend Yield | 6.88% | 0.00% | 19.94% | 8.28% |
Dividend Distribution Analysis
| CCRV | Category Low | Category High | Category Mod | |
|---|---|---|---|---|
| Dividend Distribution Frequency | None | Annually | Annually | Annually |
Net Income Ratio Analysis
| CCRV | Category Low | Category High | CCRV % Rank | |
|---|---|---|---|---|
| Net Income Ratio | -0.28% | -55.71% | 52.26% | 40.80% |
Capital Gain Distribution Analysis
| CCRV | Category Low | Category High | Capital Mode | |
|---|---|---|---|---|
| Capital Gain Distribution Frequency |
Distributions History
| Date | Amount | Type |
|---|---|---|
| Dec 20, 2023 | $1.434 | OrdinaryDividend |
| Dec 13, 2022 | $6.673 | OrdinaryDividend |
| Dec 13, 2021 | $5.895 | OrdinaryDividend |
CCRV - Fund Manager Analysis
Managers
Richard Mejzak
Start Date
Tenure
Tenure Rank
Sep 01, 2020
1.75
1.8%
Richard Mejzak has been with BlackRock since 1990, including his years with Merrill Lynch Investment Managers, which was acquired by BlackRock in 2006. Mr. Mejzak became a portfolio manager for BlackRock Fund Advisors in 2012.
Amy Whitelaw
Start Date
Tenure
Tenure Rank
Sep 01, 2020
1.75
1.8%
Amy Whitelaw is Managing Director of BlackRock, Inc. since 2013 and was Director of the firm from 2009 to 2012. Ms. Whitelaw's service with the firm dates back to 1998, including her years with Barclays Global Investors (BGI), which merged with BlackRock in 2009. Ms. Whitelaw served as Principal of BGI from 2000 to 2009. Previously Ms. Whitelaw worked in the Transition Services group as a transition manager and strategist, and was also an international equity trader on BGI’s trading desk.
Paul Whitehead
Start Date
Tenure
Tenure Rank
Jan 01, 2022
0.41
0.4%
Paul Whitehead is responsible for supporting the day-to-day management of the MML Blend Fund’s portfolio, including setting the Fund’s overall investment strategy and overseeing the management of the Fund. Mr. Whitehead is a Managing Director of BlackRock, Inc., Co-Head of Index Equity, and Co-Head of BlackRock’s ETF and Index Investments business. Mr. Whitehead also oversees the management of BlackRock’s Institutional and iShares funds. Mr. Whitehead was previously the Global Head of Equity Trading and the Global Head of Transition Management within BlackRock’s Global Trading Group. Mr. Whitehead’s service with the firm dates back to 1996, including his years with Barclays Global Investors, which merged with BlackRock in 2009. Prior to his current role, Mr. Whitehead was Head of Americas Equity Trading. Previously, he managed the trading team responsible for all Institutional Index funds, Exchange Traded funds, and Transition Management mandates. Mr. Whitehead represents BlackRock on the board of Luminex, a buy-side owned Alternative Trading System launched in 2015.
Tenure Analysis
| Category Low | Category High | Category Average | Category Mode |
|---|---|---|---|
| 0.33 | 17.03 | 6.11 | 11.51 |